Gold Weekly Price Forecast – Gold Markets Have Strong Week

Gold markets have rallied a bit during the course of the week to break above the $1835 level. At this point in time, the market is likely to see the $1850 level as a resistance barrier, so I think this trend line matches up quite nicely. Nonetheless, the market is likely to go looking towards the $1950 level. The size of the candlestick is very bullish obviously, so I think this continues to show signs of strength that people will focus on. All things being equal, this is a market that I think gold is ready to take off again, especially as the US dollar is getting ready to get hammered.

Gold Price Predictions Video 10.05.21

Underneath, we have the 50 week EMA sits at the $1782 level and should cause a bit of trouble. With this being the case, the market is likely to see a lot of upward pressure given enough time, but it is also worth noting that this is a market that does tend to be very volatile, see you may look for the occasional pullback in order to take advantage of value. The market will continue to be very noisy based upon the bond market yields and of course the value of the greenback, which is being thrown around by overspending in America, and of course the overall risk appetite around the world.

Gold has seen a significant pullback over the last several months, but I think that is a nice buying opportunity. After forming that double bottom at the $1700 level, it does make sense that a certain amount of longer-term investors are willing to get involved and take advantage of this value.

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